Aussie Billionaire Building Modern-Day Titanic Replica

An Australian billionaire has announced his plans to build the Titanic II, a modern-day replica of the ill-fated liner that sank over 100 years ago.

Clive Palmer, a coal mining magnate from Queensland, and his newly established Blue Star Line, have commissioned China’s state-owned CSC Jinling Shipyard to build the ship to the exact dimensions as the original, which at the time was the largest vessel ever constructed.

“It will be every bit as luxurious as the original Titanic, but of course it will have state-of-the-art 21st century technology, and the latest navigation and safety systems,” Palmer said in a statement.

Palmer said the new vessel has been designed with the help of a special research team to ensure historical accuracy, and will feature the four unmistakeable smoke stacks of the original, which will serve simply for show.

The only real changes from original would be what you can’t see, including welding rather than riveting, a bulbous bow, diesel power, and enlarged rudder and bow thrusters, according to Palmer.

The new ship is expected to be completed in 2016 and will sail on its maiden voyage from, where else, England to New York.

Clive Palmers fortune is estimated to be over $5 billion, making him the fifth richest person in Australia. The price of the project has not been disclosed.